1724.06
Failure to file annual financial report.

If any community improvement corporation fails to prepare an
annual financial report as required by section
1724.05 of the Revised Code and to
file that report with the auditor of state within ninety days of the time
prescribed for that filing by that section, or if the auditor of state
determines by applying the standards applicable to a public office under
section 117.41 of the Revised Code that any
community improvement corporation cannot be audited and declares it to be
unauditable and the corporation fails to then prepare an annual financial
report as required by section
1724.05 of the Revised Code and to
file that report with the auditor of state within ninety days of the time that
the auditor of state declared the corporation to be unauditable, the auditor of
state shall certify that fact to the secretary of state. The secretary of state
then shall cancel the articles of the community improvement corporation
involved by filing and recording the certificate of the auditor of state or a
true copy of it. All of the rights, privileges, and franchises conferred upon
that community improvement corporation by those articles of incorporation then
shall cease. The secretary of state shall immediately notify that community
improvement corporation of the action taken. Reinstatement may be accomplished
within two years after that cancellation upon proper filing of all delinquent
annual financial reports to the satisfaction of the auditor of state and the
filing of the auditor of state's certificate reflecting that satisfaction with
the secretary of state, who shall be entitled to a fee of ten dollars for
recording the certificate in the corporate records. That filing may be made by
any officer, member, creditor, receiver, lessee, or sublessee of the community
improvement corporation involved, and any such person or agent of any such
person shall be granted access to the books and records of the corporation for
that purpose. The rights, privileges, and franchises of a community improvement
corporation whose articles have been reinstated are subject to section
1702.60 of the Revised Code.